Gold has reached record highs on Monday, despite China’s trade crackdown

  • June 12, 2021

GOLD is soaring again as the dollar and gold price hit new all-time highs, amid warnings of more economic strife in China and a weaker global economy.

The US central bank last week announced a one-day sell-off of about $US40 billion in Treasuries, the benchmark for long-term Treasury bonds.

Gold rose 1.4% to $US1,266.40 an ounce on Monday.

The dollar gained 0.7% to 97.25 cents to hit a five-month high.

The S&P 500 index of more than 2,000 companies jumped 0.9% to 2,868.20.

The Nasdaq composite index of 500 companies rose 1% to 4,897.90.

The Nikkei 225 index of Asian shares climbed 0.4%, while the Hang Seng index of mainland Chinese shares fell 0.1%.

The Chinese currency fell to 97-98.5 yen from 97.49 on Monday to mark the highest level since December.

Gold hit a new all time high of $US2,976.20 an ounce, more than twice the price of the previous high of just under $US8,000 an ounce.

The gold price is currently trading at an all-Time high of around $US4,700 an ounce in early August.

The Federal Reserve on Monday also raised its benchmark overnight interest rate by a quarter of a percentage point to a range of 1% per month to 0.75%.

The Fed is also expected to increase its benchmark mortgage rate to a two-year range of 0.25% to 0,75%.

The US central banker has already said that he will increase the US Federal Funds rate by one-quarter of a point to 0% by the end of the year. 

The Bank of Japan has already cut its benchmark borrowing rate by half in the past two months to zero per cent.

The central bank also cut the benchmark overnight bond yield by a tenth of a per cent to 0%, while other central banks including the European Central Bank are expected to raise their overnight interest rates by at least one-third in the coming months.

Gold prices have fallen for five straight days, as the US dollar and Chinese yuan both slumped to new alltime lows in recent weeks.

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